'Tax ID Will Be Mandatory for Bank Accounts from January'

‘Tax ID Will Be Mandatory for Bank Accounts from January’ – FGs.
Income earners without tax IDs may face account restrictions from January.
Students and dependents remain exempt under the new tax rules.

The Federal Government has confirmed that from January 1, 2026, all taxable Nigerians must have a Tax Identification Number or taxpayer ID to operate a bank account in the country.

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EKO HOT BLOG reports that the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in an interview shared on his 𝕏 account on Thursday.

Oyedele explained that Section 4 of the Nigerian Tax Administration Act, scheduled to take effect in 2026, makes the possession of a tax ID compulsory for taxable persons. He said the requirement is not new, noting that it existed under the Finance Act of 2020, but the NTAA now provides “a legal framework for its implementation.”

He clarified that the policy applies strictly to those who earn an income. “A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons,” he stated.

He added that people who do not earn an income are exempt. “This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID,” Oyedele said. He further noted that income earners and businesses with existing TINs do not need to apply for a new one.

Oyedele warned that taxable entities without a tax ID may face disruptions once implementation begins. “Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said.

The update follows concerns across the country that bank accounts could be restricted for those without a tax ID. President Bola Ahmed Tinubu signed the new tax laws in June 2025, with rollout set for January 2026.